New Jersey § 52:31c-3

§ 52:31c-3.

As used in this act, “ Assets ” means all property, both real, personal or mixed, tangible or intangible, of any

type and all rights, easements, privileges or interests of any kind or description

in, relating to, or connected with property, including but not limited to, land, buildings,

plants, structures, institutions, water supply facilities, resource recovery facilities,

sewage treatment facilities, wastewater treatment facilities, transportation facilities,

highways, parking facilities, equipment, motor vehicles, rolling stock, machinery,

furniture, leasehold improvements, fixtures, space rights, development rights, and

air rights. “ Benefits ” means benefits, including but not limited to tax benefits, which the State enjoys

as a result of its ownership, use or occupancy of its assets of which the State cannot

take advantage but which would have value to an investor if those assets were transferred

to the investor. “ Investor ” means a person who enters into a structured financing transaction pursuant to which

the investor agrees to pay consideration to the State in return for the transfer to

the investor of the State's benefits enjoyed in connection with certain State assets. “ Land ” means real property, including improvements thereof or thereon, rights-of-way, lands

under water, water, riparian and other rights, easements, privileges and all other

rights or interest of any kind or description in, relating to or connected with real

property. “ Net receipt ” means the State receipt less the amount deposited into the State payment account. “ Payment bank ” means a bank, trust company, savings bank, investment company, financial institution

or any other person carrying on a banking or financial business which may be selected

by the State to hold the State payment account in connection with a structured financing

transaction. “ State asset ” means any asset that the State owns, or leases, operates or otherwise has a property

interest therein in conjunction with other State agencies and State authorities. “ State receipt ” means an amount of money paid to the State by the investor representing the consideration

paid by the investor to the State pursuant to a structured financing agreement. “ State payment account ” means an account to be established with a payment bank by the State and used to

pay the State's payment obligations under a structured financing agreement. “ State authority ” means a public body established by statute as an instrumentality of the State exercising

public and essential governmental functions. “ State agency ” means a department, division, commission, board, bureau or agency of the State. “ Structured financing agreement ” means an agreement, contract or action taken to authorize, implement and finance

a structured financing transaction including, but not limited to, lease and sublease

agreements, State payment account agreements, escrow deposit agreements, mortgages,

security agreements, pledge agreements, trust agreements, service agreements, letter

of credit agreements, operating agreements, financing agreements including credit

agreements, line of credit agreements, revolving credit agreements, interest rate

exchange agreements, insurance contracts, surety bonds, purchase or sale agreement,

or commitments or other contracts or agreements entered into in connection with a

structured financing transaction. “ Structured financing transaction ” means a transaction, or series of transactions, evidenced by one or more structured

financing agreements, pursuant to which the State conveys to an investor in return

for a State receipt all or a portion of its interest in State assets, including but

not limited to the conveyance of the State's property interests in State assets, in

order that the investor receives all or a portion of the benefits in the State assets. A structured financing transaction shall not include the conveyance of fee simple

title interest to real property, nor entail or permit a change in the operation or

name of a State asset.